According to the November 25 Bitcoin analysis; Bitcoin has started another recovery attempt. Bitcoin rising as high as $58,222 is currently consolidating its gains. According to technical analysis by NewsBTC’s Aayush Jindal, if there is a close above the $58,000 resistance, it could gain momentum.
Bitcoin Continues Its Struggle
Bitcoin formed a decent base above the $55,500 support zone and it is currently attempting a decent recovery. BTC broke the $56,500 and $57,000 resistance levels and there was a break above a major bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair. The pair even climbed above the $57,500 level and the 100 hourly simple moving average and formed a local top near $58,222. BTC is now consolidating its gains.
Immediate support is near the $57,500 level. The first major support is currently formed near the $57,000 level. The 50% Fib retracement level of the rise from the $55,909 high to $58,222 high is also near $57,000. The next major support is near the $56,500 level, below which the price could decline towards the main breakout support at $55,500.
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Will Bitcoin Rise?
According to Jindal, if Bitcoin stays above the $56,500 support, it could continue to rise. On the upside, an initial resistance is near the $58,000 level. The next key resistance is near the $58,500 level. A close above the $58,000 and $58,500 levels is likely to start a steady rise in the near term. The next major resistance is sitting near the $60,000 level.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD is now losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.
- Major Support Levels – 56,500 then $56,000
- Major Resistance Levels – $58,000, 58,500 and $60,000
Note: You have come to the end of the November 25 Bitcoin price analysis. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.